IBM has announced Blockchain World Wire, a new real-time global payments network for regulated financial institutions.

Designed to accelerate foreign exchange, cross-border payments and remittances, World Wire is the first blockchain network of its kind to integrate payment messaging, clearing and settlement on a single unified network, while allowing participants to choose from a variety of digital assets for settlement.

It has enabled payment locations in 72 countries, with 47 currencies and 44 banking endpoints, according to IBM, which added that more countries will be added as local regulation allows.

"We've created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most," said Marie Wieck, general manager at IBM Blockchain.

World Wire reduces intermediaries and allows users to accelerate settlement time often in seconds by transmitting monetary value in the form of cryptocurrencies or ‘stable coins’.

The network already supports settlement using Stellar Lumens and a US dollar stable coin through IBM's previously-announced collaboration with Stronghold.

Pending regulatory approvals, six international banks - including Banco Bradesco, Bank Busan and Rizal Commercial Banking Corporation (RCBC) - have signed letters of intent to issue their own stable coins on World Wire, adding Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stable coins to the network.

"RCBC is pleased to be an early innovator with plans to issue our own Peso stable coin on World Wire, pending final approval from our regulators," said Manny T. Narcisco, first senior vice-president at the Philippines-based bank. "We're focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure."

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